Summer Budget 2015: Chancellor poised for brutal raid on pensions to fund £12bn cuts

‘The Chancellor is to unleash around £12billion worth of spending cuts that were promised as part of the Conservative manifesto – and retirement perks are in the firing line.

Yesterday, a briefing paper on pension taxation was posted on the parliament website, which experts said increased the odds that the government is to make some brutal changes.

The Government is widely expected to cut relief available to the highest earners to £10,000 from £40,000 a year on a sliding scale.

But this could be just the tip of the iceberg, as Britain’s ageing population and the Government guarantees on state pensions is putting the UK on track to spend more on welfare by 2019.’

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